Pune and Rajkot have emerged as the new franchises in the Indian Premier League for the next two years. They will replace Chennai Super Kings and Rajasthan Royals, who are currently facing two-year suspensions imposed by the Supreme Court-mandated RM Lodha panel following the 2013 IPL corruption scandal. Sanjeev Goenka’s New Rising won the bid for Pune, while Intex will represent Rajkot. Goenka owns the power and retail giant CESC Ltd while Intex makes mobile handsets and IT accessories.

The teams were sold through the reverse bidding process for which the base price was set at Rs 40 crore, and bidders had to quote an amount less than the base price. Goenka will pay Rs 16 crore for the franchise, while Intex will pay Rs 10 crore per year.

BCCI president Shashank Manohar said since the two new franchises declined to accept money from the central revenue pool, it will help the board earn profits in excess of Rs 300 crore.

The owners of both these teams said that they hope to be associated with the IPL post-2017, too, once their two-year terms expire.

The interim franchisees will select the players of CSK and RR through a draft system. The players will be divided into two groups —capped and uncapped — the top names will be sold through the draft system. The draft pick will be held on December 15.